Global Carbon Fiber Market is Expected to hit USD 3.73 Billion by 2020: Transparency Market Research
Transparency Market Research has released a new market report titled “Carbon Fiber Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.” According to the report, the global carbon fiber market was valued at USD 1.94 billion in 2013 and is projected to reach USD 3.73 billion by 2020, expanding at a CAGR of 9.9% from 2014 to 2020. Global demand in the carbon fiber market stood at 52.6 kilo tons in 2013.
Carbon fibers are fibers manufactured from carbon. These are used in the production of lightweight and durable components in several industrial applications. Polyacrylonitrile (PAN) based carbon fiber is the most extensively used carbon fiber due to its excellent structural properties. Therefore, it was the largest product segment of the global carbon fiber market, accounting for more than 85% of the global market volume in 2013. A wide range of components produced from carbon fibers and their composites are employed in different end-user industries such as wind energy, automotive, aerospace and defense, sports, construction, marine and others. Owing to rising demand for environment-friendly energy sources, wind energy was the largest end-user segment of the global carbon fiber market, accounting for more than 24% of the total market volume in 2013.
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Others product segment that comprises different types of carbon fibers, such as rayon-based fibers, is projected to be the fastest growing segment of the global carbon fibers market in the next few years. Increasing demand for these types of carbon fibers can be primarily attributed to their lower price as compared to PAN-based and pitch-based carbon fibers. Additionally, the automotive segment is estimated to be the fastest growing end-user segment of the global carbon fibers market in the next few years. Rising demand for lightweight and durable components from the automotive industry is expected to drive the demand for carbon fiber in the automotive end-user segment.
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Europe dominated the global carbon fiber market, accounting for more than 37% of the total market volume in 2013. Increasing demand for carbon fiber and its composites in the end-user industries such as wind energy, aerospace and defense and automotive is projected to drive the carbon fiber market in Europe in the next six years. Asia Pacific is expected to be the fastest growing regional market in the carbon fiber market in the near future. Increasing demand for carbon fiber from rapidly developing countries in Asia, such as China and India, is expected to drive the carbon fiber market in Asia Pacific in the near future. Furthermore, factors such as the steady recovery of the U.S. economy and rising demand from the RoW region are predicted to have a positive impact on the global carbon fiber market in the near future. Key players operating in the carbon fiber include Toray Industries, Teijin Ltd, Hexcel Corporation, Cytec Industries and Mitsubishi Rayon Co., Ltd.
The report segments the global carbon fiber market as:
Carbon Fiber Market – Product Segment Analysis
- PAN-based
- Pitch-based
- Others (including rayon-based, etc.)
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Carbon Fiber Market – End-user Analysis
- Wind Energy
- Automotive
- Aerospace and Defense
- Sports
- Construction
- Others (including marine, etc.)
Carbon Fiber Market – Regional Analysis
- North America
- Europe
- Asia Pacific
- RoW (South America, Africa and the Middle East)
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